Veteran socialist Corbyn will raid the inheritance of 'millions of families' if he wins the election

Children will be hit with a 40 per cent bill for every pound they are left by their deceased loved ones over the figure.

It means £60,000 would be pocketed by the taxman from an inheritance of £800,000.

The Conservatives told the Daily Mail that the policy, which is not in the Labour manifesto but is hidden in costings documents, could affect nearly two million households by the end of the next Parliament.

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Housing minister Gavin Barwell told the paper: "Millions of families who have worked hard and saved all their lives will see their homes dragged into Jeremy Corbyn’s punishing tax."

Corbyn and Shadow Chancellor John McDonnell have previously opposed right of couples to pay their inheritance tax allowance on to their spouse.

A Labour spokesman said: "The only figure for the number of estates that will have no inheritance tax liability as a result of these changes is the one that the Government gave when they first announced this policy: 26,000 in 2020-21.

"This contrasts with the millions of pensioners whose homes may be under threat as a result of the Tories’ dementia tax."

Just two weeks before he became Labour leader, he called for Britain to “stand in solidarity” with people who make it to the UK without passports or ID cards by giving them the taxpayer handouts.

He said: "When the idea of being tough means taking benefits away from somebody because they are a migrant, taking benefits away from children because their parents are undocumented ... that then becomes a racist attack on a minority.”

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